Unit 1 flash cards

Question	Answer
Accounting	A detailed report of financial transactions
Asset	A useful or desirable thing or quality
Liabilities	Moneys owed or debts
Owner's equity	Whatever you make
Shareholder's equity	Whatever the investors make
Debtor	Someone who owes you money
Accounts recievable	When someone owes you money
creditor	someone who owes you
Accounts payable	Something you owe or have to pay
Financial Position	an analysis on a business
Insolvement	When a business liabilities exceed its profits
Revenue	your incomes
Expense	something you paid for
net income	revenue exceeds expenses
net loss	revenues dont exceed expenses

Resource summary

	Created by afsere almost 13 years ago